“On behalf of my partners, we are so proud to welcome Meagan, Brian and Andy to the partnership,” said Bob Travis, CTBK partner. “As we approach our 25th year in business, it couldn’t be a better time to welcome a new generation of leaders into the firm. Their technical abilities and skills have allowed them to accomplish the tasks in front of them, but their dedication to and exemplification of our core values has enabled them to reach this milestone.... CLICK TITLE TO READ ON

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file a gift tax return.

Some transfers require a return even if you don’t owe tax. And sometimes it’s desirable to file a return even if it isn’t required.

When filing is required

Generally, you’ll need to file a gift tax return for 2016 if, during the tax year, you made gifts:

The Niagara Frontier Chapter of Construction Financial Management Association hosted "The Economist Who Loved Me" presented by Anirban Basu on March 14, 2016. This interactive session provided a detailed, data-driven update of the performance of the global, national and relevant regional economy. Special attention was given to key aspects of economic life, including trends characterizing financial, real estate, energy and labor markets and their collective impact on the outlook for construction.

CTBK partner Kelly Besaw joined a panel of experts to discuss the topic of "Valuing Distressed/Troubled Companies: Is there more than a fire sale value?" on March 16, 2016. The event, hosted by the Upstate New York Chapter of the Turnaround Management Association, included networking and a panel discussion focusing on enterprise valuations in distressed or under-performing companies.

In addition to Mr. Besaw, the panel featured the following experienced and distinguished members of TMA: Larry Pullen, Partner at Ellin & Tucker; James Schnell, CPA/ABV, CVA, Partner and Tax Department Chair at Mengel Metzger Barr & Co. LLP; and Keith D. Smith, Managing Director at Empire Valuation Consultants. The program was moderated by Vincent J. Harper, Administrative Vice President & Regional Manager for M&T Bank's Special Assets Group.